Soha Nashaat: 'Woman banker of the year'

Having spent 25 years abroad between New York and Latin America, she never thought she would return to the Middle East and be named the 'Woman Banker of the Year', a recognition women couldn't attain in the past times.

According to a Barclays wealth report, published in cooperation with The Economist Intelligence Unit recently, four per cent of women hold managerial positions in business in the OECD countries now compared to seven per cent of men.

Arab countries are now opening doors to women to allow them write their own success stories, and this played a role in Nashaat's decision to come back to the Middle East and act as the Managing Director for Barclays Middle East. And of course, she was rewarded for that in under two years, when the Middle East Excellence Award Institute named her the 'Woman Banker of the Year 2007'.

'It was a great honour, especially as I'd lived and worked outside [the region for a long time], because I wanted to be recognised, thinking that I couldn't get that in my home country. This recognition wasn't possible before, but to know that now I can actually live at home and be recognised for my accomplishments is just more than I expected,' Nashaat said.

To Nashaat, it means there's a growing recognition of the role that women play across the different industries in the region. 'I think it's very important because we need to celebrate success and to show role models. In the end it's not only the financial needs that motivate people to go out and work, it's also the pursuit of success.'

What women need?

That culture is the primary obstacle women face all over the world is an understatement. It's a fact that women have faced for long time and are still facing.

And Latin America provided the perfect example of that. Nashaat worked for many years in Argentina as Meryll Lynch's Marketing and Sales Manager, and was the only female in a managerial position.

'I was the only female sales manager in the history of the place and men accepted that with great difficulty. I remember going to a client banker, when I've just moved in there in 1997, telling him about things he needs to change in his portfolio. In response to that, he just looked at me and asked me to go back to the kitchen where I belong! I couldn't believe what I heard, but with time this man has become one of my best friends in the world.'

Overcoming cultural barriers can be a long process in communities that are more resistant, or more male-dominated. 'You can be educated and smart, but just because you are a woman there's an automatic barrier and it is easier to put you down. But once you show what you're capable of, you'll be greatly celebrated.'

To succeed in such situations, Nashaat believes that women need to put in hard sweat to prove themselves, plus be armed with a good sense of humour.

Emotional women versus pragmatic men

Despite the changes in attitudes, the banking industry continues to be a male-dominated sector to a certain extent. And the biggest challenge that women face seems to be the levels of flexibility they can attain and the ability to manage their time and decisions.

Nashaat has spent most of her life on a plane, and she's aware that this might not be possible for most women, especially if they are married. However, she gives significant importance to the fact that she started her career in the US, the country that led women's rights in business.

'It's not easy now, but it's much easier that it was 17 years ago. Many things helped make the world an open place, such as the sociological evolution, the exchange of information, the fact that people travel a lot, not to forget technology. Technology has made it easier for women to have both a family and a career, as they don't really have to worry if the pot is cooking in the oven.'

Self confidence is also something that Nashaat gives great credit. Women today are gaining a self confidence that wasn't accepted 25 years ago. Today this is not only accepted, but also encouraged and embraced by society and governments. A look at what the governments across the Middle East are doing to promote women's role highlights that it is a trend moving to this region.

And despite the fact that Nashaat hates stereotypes, she admits that women are looked at as emotional while men are seen as pragmatic. Her advice to aspiring businesswomen is to be aware of this and handle themselves appropriately if they want to be taken seriously.

We often speak of what women need in the different business sectors, but what about what companies need to get the best out of their female employees? Flexibility comes top for Nashaat, who thinks that companies should compromise when they have a talented employee regardless of gender.

'Companies must look for talent and when they find that in a female, they've got to understand her needs. And the smart ones would rather hire a part-timer with great talent than a full-timer with less talent. This is something that banks are becoming more aware of.'

The sleeping giant

Over the past two years, Barclays has expanded dramatically in the Middle East. Nashaat says the company is a sleeping giant, and it is now extensively promoting itself as one of the top-three banking institutions in the region. And to achieve that she says it is 'hiring the best people, developing a product offering that's second to none, and most importantly delivering the best services'.

Barclays has also started to build up its wealth management division, where previously it put its efforts into asset management, where it is much stronger.

Priorities for Barclays in the coming years would be to explore the various licensing opportunities in different countries in the region. Saudi Arabia, the biggest of the GCC financial markets, UAE, Qatar, and Kuwait come top, while retaining a 'regional vision that includes GCC as a whole, Levant, Egypt, and Turkey', Nashaat said.